Why Good Commercial Truck Insurance Is So Important

Commercial business owners have many responsibilities to stay on top of, especially those who as part of their operations are managing a fleet of vehicles. A key responsibility is making sure that the fleet of vehicles are well taken care of and that the correct level of protection is in place – both financially and operationally.

This protection comes in the form of commercial truck insurance and our article here highlights not just how a policy will protect your business and its assets but also the main benefits of having the correct level of cover in place for when something goes wrong.

Your Vehicle Is Off The Road. What Are You Going To Do?

As with any business that owns multiple vehicles, the risk of accidents or mishaps occurring is always present. Even the most careful drivers will at some point have an accident or you might find yourself in the unfortunate situation of having to deal with a non-fault accident.

It’s not just accidents that might lead to your vehicle being unavailable. Fires, thefts or breakdown issues are all common reasons that could lead to the long-term loss of a vehicle and subsequent knock-on effect to your business activities.

Having the appropriate commercial vehicle insurance in place avoids business owners having to themselves cover the cost of any damages or repairs, whilst also ensuring that there is minimal impact to the fleet and business operations are up and running again as quickly as possible. Your insurance cover can provide a like-for-like replacement vehicle until yours is returned.

Your Vehicle Is Beyond Repair. Can You Afford To Replace It?

Operating a fleet of vehicles without the adequate levels of insurance is a risky move. If an accident does occur and you are not properly insured then your business will most likely have to cover any shortfall.

If the damage and costs are especially severe then your business may end up in heavy debt – even after just a single accident. The right commercial vehicle insurance will protect you against this.

Commercial vehicles are high value assets so if you need to replace them unexpectedly it can have a huge impact on the cash flow of the business. Whether it is due to an accident, fire or theft, a good truck insurance policy will provide the funds quickly in the event that you need to purchase a replacement vehicle.

Legal Protection Cover is an inexpensive add-on to your policy but is highly recommended as, in the event of a non-fault accident or claim, it will provide free of charge legal help and cover solicitor’s fees that might be incurred when claiming back any uninsured losses such as policy excess, loss of earnings and even claims for any injuries.

No Vehicle Means No Deliveries. What Impact Will That Have?

If you find yourself in the situation of being without one or more of your vehicles the chances are that it isn’t through any fault of your own. Losing your commercial vehicle can be devastating for many different reasons yet unfortunately customers, clients, suppliers or stakeholders most likely will be unsympathetic.

If business owners do not have a replacement vehicle available they may end up missing their delivery and potentially lose their clients so the risks are more than just the loss of value of the vehicle. Regaining the trust of your customers can be difficult, so it is better to avoid disappointing them in the first place.

Having suitable vehicle insurance in place helps avoid this scenario. Business owners with commercial truck insurance will be reimbursed with the market value of the vehilce if one of the vehicles in their fleet is subject to a claim. Knowing that you have this sort of protection behind you provides peace of mind against the concerns of any wider damage that could be done over and above the initial loss of a vehicle.

Portraying Professionalism And Security. Can Insurance Give You A Competitive Edge?

Clients are more likely to use the services of commercial businesses with vehicle insurance in place from a trusted fleet insurance company. If anything goes wrong with their delivery, they will have some assurance that they will be compensated quickly and appropriately.

Having high quality commercial vehicle insurance in place can provide you with a competitive edge when it comes to a clients decision making process of choosing your business over other competitors who maybe don’t have the same standards of insurance cover and protection backing them up.

Your Vehicles Are Protected. But What About Your Employees And Third Parties?

In addition to having cover for your commercial vehicles it is important to protect the people that use them – your employees. If you have employees then you are legally obliged to have suitable Employers Liability Insurance in place. This cover insures you up to the value of £10 million for claims made against you by employees for work related injuries.

All other third parties are protected under Public Liability Insurance. This is there to protect you in the event of a claim if you are held legally responsible for injuries to other people. It also covers damage to third party property.

I Need A Competitive Truck Insurance Quote. What Do I Do Now?

Whether you need to insure an individual truck or a fleet of lorries you need a truck insurance provider who will understand your requirements and guide you through the process of arranging your cover quickly and efficiently.

Author Bio

Tony Jewitt is a Director at Avis Insurance, a UK based commercial vehicle insurance provider. He established Avis Insurance in 1983 initially as general insurance and mortgage brokers, before specialising completely on truck and haulage insurance markets from 2016. He has extensive experience in the insurance industry and is passionate about presenting his clients with customised solutions.